topic Re: Scoring in Understanding FICO® Scoring

Scoring

Anonymous — Thu, 16 Nov 2017 16:32:33 GMT

How long after opening my Credit Builder Loan account will i generate a score? Is it by the first month i opened it which was in June, or the first statement?

Re: Scoring

Anonymous — Thu, 16 Nov 2017 16:42:51 GMT

In order to generate a FICO score you must have at least one account reporting at least 6 months of age.

So if you opened it in June and it reported in July, count 6 months from the "opening date" and then give yourself an extra month of math slop!

Re: Scoring

Anonymous — Thu, 16 Nov 2017 17:27:43 GMT

@Anonymous wrote:
How long after opening my Credit Builder Loan account will i generate a score? Is it by the first month i opened it which was in June, or the first statement?

Is this your first/only account? If so, what ABCD said above is correct. I wasn't sure if you were referring to a monthly score provided by your new loan account and that you have other (older) accounts already present. Usually with new accounts a provided score is made available to you within a cycle or two, but I'm not sure with the particular loan you are referencing.

Re: Scoring

Anonymous — Thu, 16 Nov 2017 18:15:07 GMT

Yes it is my first account but i also opened a secured card in August. I just wasn't sure if they start counting for the six months to get a score after they report your account opened, or after the first statement

Re: Scoring

Anonymous — Thu, 16 Nov 2017 18:17:14 GMT

Thank you for that =) So since it was opened in June, December will make my sixth month, then i should see a score in December correct?

Re: Scoring

Anonymous — Thu, 16 Nov 2017 18:18:55 GMT

@Anonymous wrote:
Thank you for that =) So since it was opened in June, December will make my sixth month, then i should see a score in December correct?

Correct!

FICO is weird because in some date calculations, it drops the "day" portion and focuses on month/year. Not sure if that works with the 6-month score generation date, but in some cases June 30th and June 1st are considered "the same" so I would say try pulling your score as early as the first week of December!